Bloomberg News

Angang Steel, HSBC, Lenovo Group: Hong Kong Equities Preview

September 29, 2011

Sept. 29 (Bloomberg) -- The following companies may have significant price changes when Hong Kong trading resumes after financial markets were shut on Sept. 29 by Typhoon Nesat.

The Hang Seng Index fell 0.7 percent to 18,011.06 on Sept. 28, when shares on the index last traded. The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies, lost 0.2 percent to 9,277.49.

“What would happen in the Hong Kong market tomorrow depends on what happens tonight on the news flow from Europe,” said Khiem Do, the Hong Kong-based head of multi-asset strategy at Baring Asset Management, which oversees about $10 billion. “Everyone is watching Europe, and if good news comes out from the region in terms of policy changes, the market will go up.”

The MSCI Asia Pacific Index on Sept. 29 swung between gains and losses on speculation German lawmakers will approve a measure to expand a bailout fund for Europe’s debt-stricken nations.

Angang Steel Co. (347 HK): The steelmaker’s changes to its fixed-asset depreciation calculations may result in 2011 net income and owners’ equity increasing by 388 million yuan ($61 million), the company said. The shares gained 5.1 percent to HK$4.35.

Hang Lung Properties Ltd. (101 HK): The developer was rated “buy” in new coverage by Jefferies Group Inc., which set its target share price at HK$32.20. The stock declined 2.8 percent to HK$24.40.

HSBC Holdings Plc (5 HK): The bank is seeking to sell its global general insurance unit and has approached European and Japanese insurers, the South China Morning Post reported, citing unidentified people familiar with the situation. The shares climbed 0.6 percent to HK$62.05.

Huscoke Resources Holdings Ltd. (704 HK): The coal mining company said it is seeking talks with a holder of HK$154 million of 8 percent convertible bonds due in 2013 over whether it intends to exercise a right to early redemption of the debt. The stock fell 2.5 percent to 19.5 Hong Kong cents.

Hutchison Whampoa Ltd. (13 HK): Chairman Li Ka-shing bought 490,000 shares of the company at an average price of HK$59.308 each on Sept. 26, according to a disclosure filing to the Hong Kong stock exchange. The shares lost 3 percent to HK$60.10.

Lenovo Group Ltd. (992 HK): The computer maker said TPG Capital’s James Coulter resigned as Lenovo’s non-executive director. TPG sold its stake in Lenovo last year, the Chinese company said in the statement. The shares increased 5.4 percent to HK$5.23.

New World China Land Ltd. (917 HK): The property developer obtained a five-year term loan facility of as much as HK$700 million from a bank, according to a statement to the Hong Kong stock exchange. The shares climbed 2.9 percent to HK$2.11

Sun Hung Kai Properties Ltd. (16 HK): Chairman Kwong Siu Hing bought 165,000 shares of the company at HK$89.432 apiece on Sept. 26, according to a disclosure filing to the Hong Kong stock exchange. The stock fell 0.8 percent to HK$92.30.

Tencent Holdings Ltd. (700 HK): American Express Co., the biggest credit-card issuer by purchases, will offer an online payment service with Tencent, China’s biggest Internet company by revenue, in its first collaboration with an electronic payment partner in China. Tencent advanced 3.4 percent to HK$165.40.

Travel Expert Asia Enterprises Ltd. (1235 HK): The travel services company is scheduled to debut in Hong Kong trading. The company set its initial public offering price at 63 Hong Kong cents a share, and expects to raise a net HK$49.5 million. The company fell 3 percent in gray market trading on Sept. 28, the Standard newspaper reported.

Yanzhou Coal Mining Co. (1171 HK): Yancoal Australia Ltd. is seeking acquisitions of more than $1 billion in Australia and current market turmoil may create opportunities, Managing Director Murray Bailey said. The company has agreed to buy two coal units from Wesfarmers Ltd. for A$296.8 million. Yanzhou Coal increased 3.6 percent to HK$18.24.

--Editors: John McCluskey, Jason Clenfield.

To contact the reporters on this story: Anna Kitanaka in Tokyo at akitanaka@bloomberg.net; Kana Nishizawa in Hong Kong at knishizawa5@bloomberg.net.

To contact the editor responsible for this story: John McCluskey at j.mccluskey@bloomberg.net.


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